Shalini Gupta – New Delhi
India’s second largest vaccine manufacturer, Panacea Biotec has entered into a strategic partnership with Osmotica Pharmaceuticals to research, develop and manufacture drug delivery-based, high barrier to entry generic and branded pharmaceutical products in the US and key strategic markets.
As per the alliance, both the companies would equally share risk, investment and profit and would develop a portfolio of 18 products over a period of 10 years across a range of therapeutic categories. The products being developed would be going off patent in the US in the next four to seven years. While Panacea would lead product identification, R&D and manufacturing, Osmotica would handle product registration, legal matters, marketing, sales and distribution. Panacea shall also receive a fixed research fee from Osmotica besides receiving 50 per cent share of development costs for every new market and product added.
Talking about the development, Jeff Hampton, Senior Vice President, Commercial Operations at Osmotica said, “We desire to be a top tier quality pharma company and deliver quality drugs that address unmet needs of the society. This partnership would help us supplement and augment our technology base, while also helping us access niche markets and expand our footprint. Osmotica is one of the few companies in the world that boasts of osmotic drug delivery technology with products spanning across neurological therapeutic segments.”
Rajesh Jain, MD, Panacea Biotec, said, “It is becoming increasingly important to work with a collaborative mindset today. This is the biggest opportunity for us in terms of reaching out to global markets. We have received our first milestone payment from Osmotica and we look forward to complementing each others competencies and capabilities in the long run.”
Forest Walden, CEO, Osmotica Pharmaceuticals added, “After doing a lot of due diligence both in India and abroad, we zeroed upon Panacea as a company in line with our core values to partner with.”